Unlocking Arctic Potential: Expanding

Our Global LNG Footprint to 2030Energy Affordability, Security & Sustainability

Mark Gyetvay, CFO & Deputy Chairman of the Management Board

CWC European Gas Webinar

17 June 2020

2

1.1 BLN BOE

Total proved

hydrocarbon addition

(SEC)

Fields and license

areas

NOVATEK at a Glance 2019

16.3 BLN BOE

Total proved hydrocarbon

reserves (SEC)

252%

Organic reserve

replacement rate

590 MLN BOE

Hydrocarbon

production

10.1 %

Share of natural gas

production in Russia

+8.6 %

Natural gas

production increase

12.1 MMT

Liquids production

65.7 BCM

Natural gas sales

in Russia

12.8 BCM

LNG sales

18.4 MMT

LNG offloaded from

Yamal LNG

16.4 MMT

Liquids sales

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

Significant Potential for Increased Gas

Consumption by Emerging Markets

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

3

Size of the circle depends on the population

Asia-

Pacific

Global LNG Demand – Stronger than Expected

Asia and Europe will account for 88% of incremental LNG demand

mmtpa

0

100

200

300

400

500

600

700

800

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Asia Pacific Europe Middle East North America South America Africa

Europe

>740

314

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

4

Source: NOVATEK’s interpretation of Wood Mackenzie data

5

LNG Demand Increase of around 10% YTD

Despite pandemic lockdowns the growth of LNG imports to China was 6% YOY

Increase Y-o-Y

Decrease Y-o-Y

Source: NOVATEK’s interpretation of IHS data

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

148

161

2.7

2.31.9

1.8

1.41.4

1.31.3 0.6 0.5

-1,3

Jan-May2019

S. Korea Turkey India UK China Other Spain Belgium Taiwan France Japan Jan-May2020

Import volumes increase/decrease in Jan-May 2020 vs 2019, mmt

6

Historical and expected global liquefaction

nominal capacity additions

115 capacity additions 110+ capacity additions

Source: NOVATEK’s interpretation of Wood Mackenzie data (includes only projects Operational and Under Construction)

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

17

32

27

39

28

11

5

13 11

2023

12

2

-1

-8-10

-5

0

5

10

15

20

25

30

35

40

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Asia Pacific Europe Middle East Africa North/South America

Delay of 200+ mmtpa projects due to lower prices and COVID-19 already in 2020

NOVATEK’s LNG Production Platform

✔ Energy Affordability ✔ Energy Security ✔ Energy Sustainability

7

TREKHBUGORNIY LA

BUKHARINSKIY LA

2027-30

2024-25

NOVATEK’s LNG Production Timeline

8

18.6mmt

19.6mmt

19.6mmt

26mmt

38mmt

44mmt

57-70mmt

9

LNG Logistical Scheme

9

Disclaimer – Forward Looking StatementMatters discussed in this presentation may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future

events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "expect," "anticipate," "intends,"

"estimate," "forecast," "project," "will," "may," "should" and similar expressions identify forward-looking statements. Forward-looking statements include statements regarding: strategies,

outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for our products; economic outlook and

industry trends; developments of our markets; the impact of regulatory initiatives; and the strength of our competitors.

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation,

management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were

reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control and

we may not achieve or accomplish these expectations, beliefs or projections. In addition, important factors that, in our view, could cause actual results to differ materially from those

discussed in the forward-looking statements include:

▪changes in the balance of oil and gas supply and demand in Russia, Europe, and Asia;

▪the effects of domestic and international oil and gas price volatility and changes in regulatory conditions, including prices and taxes;

▪the effects of competition in the domestic and export oil and gas markets;

▪our ability to successfully implement any of our business strategies;

▪the impact of our expansion on our revenue potential, cost basis and margins;

▪our ability to produce target volumes in the event, among other factors, of restrictions on the Company access to transportation infrastructure;

▪the effects of changes to our capital expenditure projections on the growth of our production;

▪inherent uncertainties in interpreting geophysical data;

▪commercial negotiations regarding oil and gas sales contracts;

▪changes to project schedules and estimated completion dates;

▪potentially lower production levels in the future than currently estimated by our management and/or independent petroleum reservoir engineers;

▪our ability to service our existing indebtedness;

▪our ability to fund our future operations and capital needs through borrowing or otherwise;

▪our success in identifying and managing risks to our businesses;

▪our ability to obtain necessary regulatory approvals for our businesses;

▪the effects of changes to the Russian legal framework concerning currently held and any newly acquired oil and gas production licenses;

▪changes in political, social, legal or economic conditions in Russia and the CIS;

▪the effects of, and changes in, the policies of the government of the Russian Federation, including the President and his administration, the Prime Minister, the Cabinet and the

Prosecutor General and his office;

▪the effects of international political events, including changes in the foreign countries’ and their governments’ policy towards the Russian Federation and Russian companies;

▪the effects of technological changes;

▪the effects of changes in accounting standards or practices; and

▪inflation, interest rate and exchange rate fluctuations.

This list of important factors is not exhaustive. When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events,

especially in light of the political, economic, social and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made.

Accordingly, we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent,

in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.

The information and opinions contained in this document are provided as at the date of this review and are subject to change without notice. In order to avoid inconsistency, any person who

made themselves acquainted with any information provided in this presentation shall rely on their own analysis of factors and figures that may be related to or may be linked with the facts,

phenomena or events described, and shall be guided by their own conclusions when making any decisions, including whether any investments are justified or not. By participating in this

presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.